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Westwood Financial Corp. Acquires South Orange County Grocery Anchored Shopping Center for $18 Million

12/15/04
MISSION VIEJO, CALIFORNIA – Westwood Financial Corp. has acquired Olympiad Plaza, an Albertsons/Sav-On shadow anchored neighborhood shopping center in Mission Viejo, CA through the purchase of a partnership interest.  Located at the intersection of Alicia Parkway and Olympiad Road in exclusive South Orange County, Olympiad Plaza includes the following retailers: Albertsons/Sav-On Drugs (Not a Part), Mobil Gas Station (Not a Part), Crown Ace Hardware, General Nutrition Center, Subway, The UPS Store, The Haircutters, Renee’s Hallmark, Happy Nails & Spa.

Olympiad Plaza was initially developed in 1989 and has remained virtually 100% occupied since its completion.  The partnership was purchased from Developers Diversified Realty.  Mark Lucescu of Marcus & Millichap represented the Seller and Buyer in the transaction.

“The acquisition of Olympiad Plaza was our 3rd shopping center acquisition in California during 2005,” said Joe Dykstra, Executive Vice President of Westwood Financial Corp.  “The purchase increases our South Orange County presence to a total of five properties.  South County continues to offer shopping center investors one of the most preferred locations for shopping center investments nationally. Although Westwood Financial Corp. owns properties in 8 other states, the acquisition of Olympiad Plaza demonstrates our continuing preference for properties in California.” 

The acquisition of Olympiad Plaza is consistent with Westwood Financial Corp.’s program of acquiring institutional quality grocery-anchored shopping centers in the Western United States, Texas and Florida.  Westwood Financial Corp. currently owns shopping centers in California, Colorado, Washington, Nevada, Arizona, New York, North Carolina, and Texas.  Westwood Financial Corp.’s recent acquisitions include 6 grocery anchored centers in California, 2 grocery anchored centers in Texas, 5 grocery anchored centers in Arizona and 5 grocery anchored centers in Colorado for a total of 17 acquisitions over the past 3 years.  Westwood Financial Corp. has the ability to purchase all-cash and close in thirty days. 

Westwood Financial Corp. is headquartered in Los Angeles with offices in Phoenix , Denver and Sacramento and owns and operates more than 80 properties throughout the Western United States.

For more information, please contact:

Joe Dykstra, Executive Vice President
310-820-5443
jdykstra@westfin.com
www.westfin.com